Institutional buyer of Bitcoin, New York Digital Investments Group (NYDIG), has announced that it raised $150 million for two new funds to invest in cryptocurrencies, a breakthrough move that showcases the skyrocketing impact of the one-stop crypto shop on the institutional Bitcoin market.
Two U.S. Securities and Exchange Commission filings revealed the commitment of $50 million from institutional investors in NYDIG Digital Assets Fund I while $100 million was raised in NYDIG Digital Assets Fund II. The source claimed that it is the latest NYDIG deal for a rising number of BTC institutional customers. The thing that drives more interest is the identity of the two unnamed whales who made contributions to NYDIG’s $50 million Bitcoin fund.
It should come as no surprise to those familiar with the space if institutional potential investors were to flock to NYDIG. NYDIG invested $10 billion out of Stone Ridge Asset Management in 2017 with an objective to court for newcomer institutions. The firm also appointed the architect, Benjamin Lawsky, as fund manager and acquired funding of $50 million for the team development.
NYDIG raised $50 million in equity funding in October. It now wants to offer custody, implementation, investment and prime brokerage for hedge funds, pensions, banks and other high-profile clients in the crypto space.